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Reinforce the supremacy of the Principles and Recommendations Council urged

The third edition of the Corporate Governance Principles and Recommendations must have a greater emphasis on promoting the key principle underpinning the guidelines — the ‘if not, why not’ approach which has established the guidelines as the pre-eminent good governance template for listed companies in Australia, the ASX Corporate Governance Council has been told.

In its submission to the Council, Governance Institute of Australia (formerly Chartered Secretaries Australia) points out that while there are many governance guidelines issued by multiple parties, none of these has been adopted as the key governance document by listed companies. The success of the Council’s guidelines lies in their acceptance that there is no ‘one-size-fits-all’ governance framework, but also their relevance and the fact that they meet the needs of investors in seeking greater transparency and companies trying to tell their story.